Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Wed Apr 9, 2014 08:20 AM CDT

If you look at the DTN Winter Wheat Crop Condition Index chart posted in the Grains segment Wednesday one would almost immediately turn bullish July KC (HRW). However, the contract's weekly chart paints a somewhat different picture.

Weekly price action (top chart) shows the contract has fallen back from its recent high, to the point of testing initial support near $7.29 1/2. This price marks the 33%* retracement level of the previous uptrend from $5.99 through the high of $7.94 1/2. Notice that there were two weeks where the contract posted highs above resistance near $7.77 3/4, a price that ...

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